Al-Sisi reforms CBE board of directors

Hossam Mounir
5 Min Read

President Abdel Fattah Al-Sisi issued a decree on Monday to reform the board of directors of the Central Bank of Egypt (CBE), reappointing Hassan Abdullah as the acting governor of CBE for a year, starting from 27 November 2023.

The decree also extended the tenure of Rami Aboulnaga as the deputy governor for monetary stability and appointed Tarek El-Khouly as the second deputy governor.

According to the CBE website, Aboulnaga joined the CBE in November 2019 and supervised the sectors of markets, monetary policy, foreign relations, economic research, banking operations, payment systems, and information technology. He also managed the international investment portfolio, the foreign exchange reserves, the monetary stability policies, and the foreign exchange market regulations. He was part of the negotiations with the International Monetary Fund (IMF) and the implementation of the economic reform program. He also oversaw the projects and initiatives of developing the local capital markets infrastructure.

Aboulnaga has more than 20 years of banking experience. He started his career at the Commercial International Bank (CIB) after graduating from the American University in Cairo, majoring in business administration and economics. He also obtained a master’s degree in finance from City University in the United Kingdom and several training courses and certificates from various international institutions such as Harvard University, Yale University, the World Bank, the US Federal Bank, the German Central Bank, and others. He also taught several courses at the Institute of Banking and Misr International University.

El Khouly has about 40 years of experience in the banking and financial industry, holding many administrative and executive positions. He was the chairperson and managing director of saib bank, the assistant deputy governor of CBE for the field supervision sector, the head of the central risk department, and the deputy governor for the field supervision sector.

He has a high diploma in banking finance and participated in extensive training programs in various technical and administrative fields such as risk management, strategic planning, project finance, treasury, capital markets, trade finance, and credit analysis.

He joined the banking sector in 1982 with Arab Bank PLC, as a foreign exchange officer, then a credit risk manager, then a senior credit manager. He also worked at MIBANK Bank as the general manager of the risk sector and at Bank Audi as the senior general manager of risk management.

The decree replaced four members of the board: Gamal Negm, the former deputy governor, and Sherine El-Sharkawy, Ashraf El-Araby, and Tamer El-Dakkak. Five new members joined the board: Sherif Hussein Kamel Mohamed, a financial expert, Hassan Mohamed Hassan Al-Khatib and Samiha Al-Sayyed Fawzi, both economic experts, Essam Mohamed Abdel Hadi Amer, an accounting and financial expert, and Mohamed Othman Ibrahim Al-Deeb, a banking expert.

The decree also kept three members from the previous board: Mohamed Farid Saleh, the acting chairperson of the Financial Regulatory Authority, Ali Mohamed Ali Faramawy, a technology expert, and Naglaa Anwar Al-Ahwani, an economic expert.

In addition, CBE announced the appointment of Mohamed Aboumoussa as the assistant governor, a newly created position that he is the first to occupy.

Aboumoussa was the first deputy governor of CBE for the office supervision sector. He is also a member of the board of directors of the Arab International Bank and the technical committee of the Islamic Financial Services Board (IFSB), an international organization that sets standards for the Islamic financial services industry.

He has over 25 years of professional experience in the banking sector. He held various positions in international banks in Egypt, such as corporate finance, international correspondent banking relations, and treasury. He was also a board member of the United Bank.

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